As per the World Health Organization, cancer led to the death of 9.6 million people in the year 2018 and right after cardiovascular diseases, is the second most prominent cause of global deaths. With cancer spreading swiftly across the world and becoming a global threat, researches have been conducted since the 1980s and 1990s to combat this disease. This study and treatment of cancer and tumors is termed as oncology. Advanced technology, instruments and medicines have been pivotal in slowly eradicating cancer with fruitful results.

According to IndustryARC, the Global Oncology Market Size stood at $120 billion in the year 2018, and the opportunities will be growing at a compound annual growth rate (CAGR) of 12.6% during the forecast period of 2019-2025. The report is titled “Oncology Market: By Cancer Type (Breast Cancer, Lung Cancer); By Therapy Type (Medical Oncology, Radiation Oncology, Surgical Oncology); & By Region – Forecast (2018 – 2025).”

Oncology Market: Segment and Regional Share

By types, cancer treatment can be bifurcated into different segments including chemotherapy, radiation therapy, surgery, immunotherapy, targeted therapy, alternative therapy, and many more. One of the major treatments that have been highly beneficial in treating cancer patients worldwide is chemotherapy, which is a more preferred method over radiation therapy or surgery as it involves taking powerful and effective drugs orally or by injections. Immunotherapy is another medical approach which targets the immune system and enhances its functioning to treat cancer. Targeted therapy is a revolutionized treatment using certain drugs that precisely target the growth and development of cancer cells. This application segment is estimated to grow at a CAGR of 13.6% during the forecast period of 2019-2025. There is a high demand for treatment using drugs among people. Moreover, after surgical treatment and chemotherapy, people are treated with certain drugs to maintain normal health. As per the report of IndustryArc, medical oncology is expected to grow rapidly and gain high market revenue in the upcoming years. These factors which are influencing the need for cancer treatment are generating huge demand in the global oncology market.

According to this report, North America was the geographical leader of the oncology market with a regional share of 46% in the year 2018. North America is the center of oncology market with various cancer research centers, health organizations, laboratories and diagnostic facilities, and pharmaceutical companies providing ample scope for better treatment for people of every state.

Competitive Global Oncology Market: Competitive Landscape

There are a lot of leading market players including F. Hoffmann-La Roche Ltd, Bristol-Myers Squibb, Novartis AG, Pfizer, Sanofi, Amgen Inc., AstraZeneca PLC, AbbVie Inc., Astellas Pharma Inc., Exelixis, Inc., and Johnson & Johnson. The multinational Swiss healthcare company, F. Hoffmann-La Roche Ltd, has two sectors which includes pharmaceutical and diagnostic. The company has developed fourteen different cancer medicines that collectively cure around a million people every year. This key market player stresses on the importance of science and the role it plays in combating this disease.

Conclusion:

Cancer treatment has undergone tremendous growth and change over the past few years. The growth of mortality rate and new incidences of cancer across the world has created a pressure on the oncology market. With modern medication, therapies, latest technology, and diagnostic tools, the global oncology market is experiencing high demand which will continue to increase in the coming years.

Talk to one of our sales representative about the full report by providing your details in the link below: